The Pension Fund Panel of Ealing Council met on Tuesday 15 September 2026 to review the performance of the council's pension fund investments and receive updates on administration and training. The meeting's agenda focused on the fund's performance for the quarter ending 30 June 2026 and an update on pension administration.

Pension Fund Performance Monitor Update

The panel was scheduled to receive an update on the performance of the Ealing Pension Fund's investments for the quarter ending 30 June 2026. The report indicated that the fund's investments had increased to £2,058.8 million, a rise of 7.5% from the previous quarter. This performance was to be reviewed against the fund's benchmark, with a detailed breakdown of manager performance across various asset classes, including Global Equities, Multi-Asset Credit, UK Corporate Bonds, Index Linked Gilts, Property, Private Debt, Infrastructure, and Impact Funds. The report also highlighted the fund's performance relative to its peers within the PIRC Local Authority Universe, noting that the Ealing Fund had outperformed the average peer group return for the quarter.

The update was also to cover ongoing compliance actions required by the fund to align its governance and operational frameworks with the final statutory guidance issued on 29 June 2026. This included preparing updates to the Investment Strategy Statement (ISS), establishing a forward plan for statutory governance appointments, and broadening the panel's oversight framework. The confirmed regulations, which came into force on 30 June 2026, introduce significant changes to the management and administration of the Local Government Pension Scheme (LGPS), with the Ealing Pension Fund's investments now managed through the London Collective Investment Vehicle (LCIV) as the fund's investment pool. The panel was to receive training from the fund's advisors, Hymans, on LCIV Pool Oversight.

The report also detailed the fund's strategic asset allocation (SAA) implementation, noting that officers had exercised delegated authority to undertake portfolio rebalancing transactions. The SAA review indicated recommendations to reduce equity allocation, increase income assets, reduce property allocation, and revise protection assets. Commitments to infrastructure and private debt managers were also to be noted.

Pension Fund Administration Update

The panel was scheduled to receive an update on the performance of the external contractor, Local Pensions Partnership Administration (LPPA), responsible for the pension administration contract. The report was to summarise the findings of a recent Internal Audit review of the administration of the Pension Fund and management's response to the audit recommendations. The LPPA's performance for the quarter ending 30 June 2026 was to be presented, showing an overall Service Level Agreement (SLA) performance of 99.1%, exceeding the target of 95%. The report also detailed the progress of the Ealing Data Cleanse Project, with 96.93% of member reviews completed, resulting in adjustments to pension payments. Internal Audit had provided a Reasonable Assurance opinion on the fund's pension administration arrangements, with management accepting all five recommendations and developing action plans for implementation.

Training

A presentation was scheduled to be delivered by Chris King from Hymans on how the Fund can carry out LCIV Pool Oversight. This training was intended to support compliance with enhanced knowledge and skills expectations introduced through statutory LGPS Governance Guidance.

Minutes

The panel was to approve the minutes of the previous Pension Fund Panel meeting held on 14 July 2026.

Other Matters

The agenda also included items for Urgent Matters and Declarations of Interest, as well as Matters to be Considered in Private. Apologies for absence were noted from Mary Lancaster.